The British pound closed yesterday’s session down by 28 pips. The upper shadow pierced the MACD indicator line. Currently, the price is trading around the 1.2720 support level. The Marlin oscillator is trying to turn upwards.
The price is struggling to find balance ahead of today’s US inflation data. Nonetheless, tomorrow will bring equally important data on the UK’s GDP, construction, and manufacturing. The forecasts are moderately optimistic, giving the pound a chance to resume its growth towards 1.2880.
On the four-hour chart, the price only managed to breach the upper shadow above the MACD line. Technically, the price has settled under the 1.2720 support level, but the candles are very small, and the Marlin oscillator’s signal line is moving along the zero line. An upward reversal can occur easily. The crucial point here is to settle above 1.2738 – above the MACD line. We await the US inflation data.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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